Day trading crypto

Hello!

I am a student who wants to start making money with day trading crypto with leverage. Why crypto? - the volatility.

I am currently using Stormgain as it is quite easy to use to leverage and they offer high leverage. However, Stormgain does not have a lot of technical analysis indicators to work with. For instance, Money Flow Index...

Therefore, what platform would you recommend for day trading crypto with leverage?

Also, I see so many different technical analysis approaches and I am still very new to this, so can someone recommend a place to start learning technical analysis?

Finally, if done exceptionally well, do you think crypto day trading can be profitable?

Thanks all!

I suggest you learn about Price Action Trading, before you ever go putting money into the market.

Neverbrokeagaaain said:

Hello!

I am a student who wants to start making money with day trading crypto with leverage. Why crypto? - the volatility.

I am currently using Stormgain as it is quite easy to use to leverage and they offer high leverage. However, Stormgain does not have a lot of technical analysis indicators to work with. For instance, Money Flow Index...

Therefore, what platform would you recommend for day trading crypto with leverage?

Also, I see so many different technical analysis approaches and I am still very new to this, so can someone recommend a place to start learning technical analysis?

Finally, if done exceptionally well, do you think crypto day trading can be profitable?

Thanks all!

Click to expand...

1) Learn Price Action
2) Learn Dynamic Trendlines & market structure (dont spam your chart with them though)
3) Learn Volume - best tool i use is OBV (on board volume) compare volume with price to make a decision on trade
4) Read up about how to use MA's, EMA's and VWAP - I highly recommend adding the Multitimeframe Weekly VWAP to your chart especially with crypto it's an important Dynamic Support/Resistance level

Day trading 5 mins will take you a while to learn and you will lose money at first. Stick to 1 hour and 4 hour but if you dont mind losing at first that's fine.. use Kucoin

I recommend long-term investing. If you want doing daytrading, at least don't use leverage. It is too risky.

GrowthStrategist said:

1) Learn Price Action
2) Learn Dynamic Trendlines & market structure (dont spam your chart with them though)
3) Learn Volume - best tool i use is OBV (on board volume) compare volume with price to make a decision on trade
4) Read up about how to use MA's, EMA's and VWAP - I highly recommend adding the Multitimeframe Weekly VWAP to your chart especially with crypto it's an important Dynamic Support/Resistance level

Day trading 5 mins will take you a while to learn and you will lose money at first. Stick to 1 hour and 4 hour but if you dont mind losing at first that's fine.. use Kucoin

Click to expand...

Thanks man!

That is really really helpful!

selmankaan1 said:

I recommend long-term investing. If you want doing daytrading, at least don't use leverage. It is too risky.

Click to expand...

I see where you are coming from, but how is it turning out for long term investors now? I know it is very risky, but I want to take advantage of the moment.

Neverbrokeagaaain said:

I see where you are coming from, but how is it turning out for long term investors now? I know it is very risky, but I want to take advantage of the moment.

Click to expand...

You'll have to wait a while to earn, a good investment is boring I'm not very against daytrading but margin trading usually causes people to lose all their money

Bro, have you not seen when price of bitcoin drops like 10-30% in a second? That's not something that you can guess by technical analysis. Crypto is manipulated like crazy

Brother daily trading takes more time , if you have good investment then go for long term !

flippera1 said:

Bro, have you not seen when price of bitcoin drops like 10-30% in a second? That's not something that you can guess by technical analysis. Crypto is manipulated like crazy

Click to expand...

@Neverbrokeagaaain no problem. Just replying to @flippera1 as well; he makes an important point.​

Learn the manipulation, use it to your advantage.

Important manipulation patterns to look out for:



A - Fake moves

1) Mega pump up for no reason --- (exit pump, also traps FOMO buyers for liquidity)
2) Slam back down even lower than before pump ---- (the whales buy at these prices, also traps FOMO shorters for liquidity)
3) Pump back up higher than the 1st pump -- (the real move, also short squeeze FOMO shorters)



B - Stop hunt (& Bear/Bull traps)

1) Mega pump down for no reason - this is to liquidate overleveraged bulls so they can open more trades and push the price higher easier
2) Mega pump up for no reason - this is to liquidate overleveraged bears so they can open more trades and push the price lower easier

What eventually forms here on point 1 is a massive move down, then a massive move up that continues into an uptrend.
What eventually forms here on point 2 is a massive move up, then a massive move down that continues into a downtrend.


C - Exit pump - whales exiting the market while trapping FOMO longers and shorters

1) Massive wick up and massive wick down, for price to sit right in the middle

Check today (March 10th BTC/USDT chart on 5 minute and you will see an example of this.)


How to profit of this - this is kind of hard to determine when its happening, but set your usual short orders with a tight stop loss if you start seeing green rockets



D - BART (check BTC/USDT chart yesturday on 1 hour chart for proof of this - 9th March)

1) Massive pump upwards for a few hours
2) Constant up and down for a few hours at high levels (whales distributing at high ranges)
3) Head & Shoulders pattern often forming at the top
4) Massive dump


How to profit of this move - Short low volume at MA's


E - SELL THE NEWS

1) When rumours are that coins will be released on Coinbase for example, the price will rise over a few days (check Polkadot [DOT] a few days before Parachain release late last year - the price rallied higher and higher and eventually rose to $55)
2) The day of Parachain release, everyone dumped DOT and it's now sitting around $16


How to profit off of this move - SHORT the day of the News




With experience, you will know how to advantage from this, it's just better for me to advise you here because nobody told me except TradingView chat haha

in my experiences i don't recommend day trading, it can be lost your entire money in scnd , im doing long term investments like weekly or monthly trading, spot trading, its safe and really good.

One single touch or click can devastated all efforts so long term would be best !

Neverbrokeagaaain said:

Hello!

I am a student who wants to start making money with day trading crypto with leverage. Why crypto? - the volatility.

I am currently using Stormgain as it is quite easy to use to leverage and they offer high leverage. However, Stormgain does not have a lot of technical analysis indicators to work with. For instance, Money Flow Index...

Therefore, what platform would you recommend for day trading crypto with leverage?

Also, I see so many different technical analysis approaches and I am still very new to this, so can someone recommend a place to start learning technical analysis?

Finally, if done exceptionally well, do you think crypto day trading can be profitable?

Thanks all!

Click to expand...

If it's not your money or you will need the money soon do not even think about trading crypto, because it can go down 20% in a couple of minutes.
It takes a lot of time and you probably will not make a lot of money if you don't start with thousand$$ unless you are lucky (not me though )

BY following some tips avaialble on the internet, you can make money by trading bitcoins or other cryptocurrencies.

As many have already mentioned, it is very risky but if you are still determined to do it then start with very small trades, maybe $1 per trade, or do paper trading.

Do not go for day trading, it will cause loss always when you calculate after some time interval. Go for long term investing.

Start with Moving Averages and Price Action
And stay away from leveraged trading until you get it right

Use Tradingview for applying wide variety of indicators. Spot and futures Charts of all crypto pairs from different exchanges are available. Just switch between Tradingview and Stormgain on PC or trade on your mobile app.

Neverbrokeagaaain said:

Hello!

I am a student who wants to start making money with day trading crypto with leverage. Why crypto? - the volatility.

I am currently using Stormgain as it is quite easy to use to leverage and they offer high leverage. However, Stormgain does not have a lot of technical analysis indicators to work with. For instance, Money Flow Index...

Therefore, what platform would you recommend for day trading crypto with leverage?

Also, I see so many different technical analysis approaches and I am still very new to this, so can someone recommend a place to start learning technical analysis?

Finally, if done exceptionally well, do you think crypto day trading can be profitable?

Thanks all!

Click to expand...

Be very careful! As a warning, ~89% of traders LOSE money. Look up eToro stats, it says it on their website.

Those of us who have made life-changing money with crypto are HOLDERS. We buy low, dollar cost average in and are always always buying dips.

TA can be BS since news has such a massive impact on crypto price at this time.

My recommendation: buy ETH at super low prices in a bear market, have buy orders in that will fill when it hits your target price. AND find altcoins with great communities you believe in and have huge potential.

The largest Ethereum & Bitcoin whales bought early and HELD. Held through highs and lows and took profits on highs occasionally but mostly HELD. My money has come from buying great projects early, and on dips, and holding until mass adoption. Early is key & so is mass adoption.

PulseChain & PulseX are my recommendations. They haven't launched yet and lots of opportunities on this new chain imo.

The ones who make the most money in crypto are holders NOT traders. Even eToro will tell you on their website that 80%+ of their traders LOSE money. And the ones who do make money are usually a very small percentage.

The way to win BIG in crypto, as the notorious God-Whale has, is to buy low and hold long-term. Set sell orders at certain prices to take profits but trading will likely lead to losses. Especially leverage trading.

The God-Whale got 800K GENESIS Ethereum on launch back in 2015 and has held since then turning his likely around ~$100,000 into a billion+. He is on twitter at the real god whale and is very clear that he is a holder NOT a trader. Check it out yourself and you can see his address on etherscan to verify all this. The blockchain is of course, transparent.

Take it from the best in crypto: Buy low and hold. And take profits along the way. Best of luck